On-chain data shows the Ethereum average transaction fees have dropped by almost 70% since early May. Here’s what it may mean for the asset.
Ethereum Average Transaction Fees Has Sharply Declined Recently
According to data from the on-chain analytics firm Santiment, the average fee on the network was around $14 not too long ago. The “average transaction fees” here naturally refers to the total amount of fees (in USD) that the average user is attaching with their transfers right now.
This indicator’s value is dependent on the amount of traffic that the Ethereum network is receiving currently. Whenever the traffic on the blockchain is low, the users have no need to attach exorbitant amounts of fees as the network usually has enough capacity to handle the transactions quickly anyway.
In times of congestion on the network, however, the competition to get transfers through can be quite high. As the chain only has a limited capacity to process transfers, the transactions with the hig
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